Global reinsurers should have the capital to absorb the losses resulting from the massive earthquake and tsunami that struck northeastern Japan last week.
As radiation from the endangered Fukushima nuclear power plant continues to rise and the exclusion zone around the plant expands, owner Tepco has no property insurance in place and third-party liability insurance that does not respond to earthquakes or tsunamis, sources say.
The Asia Pacific insurance market is set to grow significantly over the next two years according to respondents to a recent survey by the international legal practice Norton Rose Group.
Allianz’s recently increased investment in China Pacific Insurance Co. Ltd. (CPIC) has been welcomed by analysts and represents continued expansion into the Asia Pacific region by it and fellow insurers.
China’s 2010 floods will have a limited impact on the insurance industry due to the low insurance penetration levels in the country, according to a Guy Carpenter report.
EU Health and Consumer Policy Commissioner, John Dalli, has placed product safety top of his agenda in a series of high-level meetings and talks in China this week.
The European Union is stepping up its efforts to improve trade relations with China and the wider Asian market and in particular is attempting to tackle the problems of custom controls and counterfeit goods.
Chinese companies that expand into Europe face an entirely different regulatory and business environment that means they must pay closer attention to risk management and insurance programmes, according to broker Marsh.